BANGKOK: Thailand's JasmineInternational PCL on Monday said its chief executive and biggest shareholder, Pete Bodharamik, has secured up to 42.5 billion baht ($1.22 billion) in credit to buy all shares he does not already own in the telecoms company.

The offer comes after market watchers had said Jasmine could become an acquisition target after failing to add to its broadband and content services with a licence to operate a fourth-generation (4G) mobile network.

In March, Jasmine forfeited the licence it won at auction three months earlier because it missed the deadline for an initial payment of the $2.1 billion fee.

Jasmine shares, which were suspended earlier on Monday pending an announcement, rose more than 9 percent to an 18-month high of 7.30 baht after trading resumed on expectations that the planned deal would help boost management flexibility and profit.

"The offer price at a premium implies that Pete thinks Jasmine's stock is undervalued," said analyst Mongkol Puangpetra at KTB Securities. "Gaining a bigger stake should allow management to be more flexible and lead to higher returns."

The CEO owns 31.07 percent of Jasmine. He has offered to buy 4.09 billion shares including treasury stock for 7.25 baht each - about 9 percent above their 6.65 baht Friday close - and 2.73 billion warrants at 3.68 baht each, the firm said in a statement.

The company said in a separate statement it had no intention of delisting should the CEO's holding fall short of 100 percent. It also said the share offer was "for the purpose of more effective business management".

In Thailand, companies can seek stock exchange permission to retain their listing status even if their free-floating stock falls below the minimum requirement of 15 percent.

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